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HomeMy WebLinkAbout1991-1925 - Ordinance - 10/31/1991ORDINANCE NO. 1925 AN ORDINANCE DESIGNATING A CERTAIN AREA AS REINVESTMENT ZONE NUMBER TWO FOR COMMERCIAL TAX ABATEMENT AS PROVIDED IN THE PROP- ERTY REDEVELOPMENT AND TAX ABATEMENT ACT; ESTABLISHING THE NUMBER OF YEARS FOR THE DISTRICT; AUTHORIZING THREE (3) YEAR AGREEMENTS TO EXEMPT FROM TAXATION THE INCREASE IN VALUE OF THE PROPERTY IN ORDER TO ENCOURAGE DEVELOPMENT AND REDEVELOPMENT AND OTHER MATTERS RELATING THERETO; PROVIDING A SAVINGS CLAUSE; FINDING AND DETERMINING THAT THE MEETING AT WHICH THIS ORDINANCE IS PASSED IS OPEN TO THE PUBLIC AS REQUIRED BY LAW. WHEREAS, the City Council of the City of College Station, Texas, ("City") desires to encourage supervised improvements by property owners through tax abatement procedures within its jurisdiction by the creation of a reinvestment zone as authorized by the Property Redevelopment and Ta~ Abatement Act, Texas Codes Annotated §312 (Supplement 1991), as amended ("Act"); and WHEREAS, on the 31st day of October, 1991, the City Council held a public hearing to receive comments concerning the designation of proposed Reinvestment Zone Number Two. The notice of such hearing was published October 23, 1991, such date being not later than the seventh day before the date of the public hearing; and WHEREAS, the City called a public hearing and published notice of such public hearing as required by Section 312.201 of the Act; and has delivered written notice to the presiding officer of the governing body of each taxing unit within the jurisdiction of the proposed Reinvestment Zone Number Two for Commercial Tax Abatement; and WHEREAS, at said public hearing the City presented evidence that such proposed designation would be reasonably likely to con- tribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic develop- ment of the City; and WHEREAS, the City at such public hearing invited any interested person or his attorney to appear and contend for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, whether all or part of the territory which is referred to as Lots 1R and 2R of the Regency Square Subdivision, should be included in such proposed reinvestment zone, and the concept of tax abatement; and WHEREAS, at such hearing recommendations were given as to the number of years the district would be designated, the number of years in which an agreement would be available, as well as the percentage of tax exemption to be applied to taxable real prop- erty which is redeveloped; and Ordinance No. 1925 Page 2 WHEREAS, the designation of the proposed reinvestment zone is consistent with the City's Policies adopted by Council minute order on the 23rd day of January, 1991, and will benefit the land included within the Reinvestment Zone after the expiration of the Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEX~S: Section 1. That the facts and recitations contained in the preambles of this ordinance are hereby found and declared to be true and correct and are incorpo- rated herein for all purposes. Section 2. That the City, after conducting such hearing hav- ing further studied recommendations, as well as the evidence presented at the public hearing, has made the following findings based on the evidence and testimony presented to it: (a) That the public hearing on the adoption of the reinvestment zone under the provisions of the Act has been properly called, held and conducted and that notice of such hearing has been published as required by law and has been mailed to the respective taxing units within the proposed reinvestment zone; and {b) That the City has jurisdiction to hold and conduct said public hearing on the creation of the proposed reinvestment zone pursuant to the Act; and (c) That creation of the proposed reinvestment zone with boundaries described within the subdivision will result in improvements made after the passage of this ordinance and the execution of tax abatement agreements, that are feasible and practical and will benefit the City, its residents and property owners in the reinvestment zones; and That the proposed designation will be reason- ably likely to contribute to the retention or expansion of primary employment or to attract major investments to the zone that would be a benefit to the property and contribute to economic development of the City or town. Ordinance No. 1925 Page 3 Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. That the City hereby creates Reinvestment Zone Number Two with boundaries described and reflected in Exhibit "A" and such reinvestment zone shall hereafter be identified as Reinvestment Zone Number One, for Commercial Tax Abatement, City of College Station, Texas. That the designation of Reinvestment Zone Two for Commercial Tax Abatement, shall expire three (3) years from the date of this ordinance, unless renewed as provided by the Act, or at an earlier time designated by subsequent ordinance. That written agreements as provided in the Act with owners of taxable real property located within the reinvestment zone shall be for a period of three (3) years, and that the taxable real property that is subject to the above mentioned exemption from taxation shall be the land and the improvements to the property in conformity with the Comprehensive Plan, written agreements shall provide for an exemption from taxation of the total increase in value of the property over its value in the year the agreement is executed. The written agreement will require that all taxes be current at the time of execution of agreement and be kept current to all taxing entities during the term of said agreement. That said designation of Reinvestment Zone Number TwO for Commercial Tax Abatement and the written agreements thereof are in accordance with the City of College Station Policy for Tax Abatement and will be a benefit to the land which will be included within the Reinvestment Zone and to the City of College Station after the expiration of the agreement. That if any provision of this ordinance shall be held to be invalid or unconstitutional, the remainder of such ordinance shall continue in full force and effect the same as if such invalid or unconstitutional provision had never been a part of it. That it is hereby officially found and determined that the meeting at which this ordinance is passed is open to the public as required by law and that public notice of the time, place and purpose of said meeting was given as required. Ordinance No. 1925 Page 4 PASSED, ADOPTED, and APPROVED this the 31st day of October, 1991. City Secretary APPROVE D: